Westpac Banking Corp Reduces Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Westpac Banking Corp trimmed its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 97.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 907 shares of the technology company’s stock after selling 34,669 shares during the period. Westpac Banking Corp’s holdings in CoStar Group were worth $81,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in CoStar Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 34,757,886 shares of the technology company’s stock worth $2,315,223,000 after purchasing an additional 204,955 shares during the last quarter. BlackRock Inc. grew its position in CoStar Group by 0.9% during the 1st quarter. BlackRock Inc. now owns 31,917,467 shares of the technology company’s stock worth $2,197,518,000 after purchasing an additional 286,782 shares during the last quarter. Geode Capital Management LLC grew its position in CoStar Group by 5.4% during the 1st quarter. Geode Capital Management LLC now owns 9,814,024 shares of the technology company’s stock worth $674,381,000 after purchasing an additional 500,775 shares during the last quarter. Macquarie Group Ltd. grew its position in CoStar Group by 9.7% during the 1st quarter. Macquarie Group Ltd. now owns 8,698,812 shares of the technology company’s stock worth $598,913,000 after purchasing an additional 770,204 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in CoStar Group by 1.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,310,004 shares of the technology company’s stock worth $472,590,000 after purchasing an additional 97,153 shares during the last quarter. 96.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CSGP has been the topic of several research reports. Robert W. Baird lowered their price objective on shares of CoStar Group from $100.00 to $98.00 in a research report on Wednesday, July 26th. JPMorgan Chase & Co. lowered their price objective on shares of CoStar Group from $114.00 to $104.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. BMO Capital Markets lowered their target price on shares of CoStar Group from $80.00 to $74.00 and set a “market perform” rating on the stock in a report on Thursday, October 26th. TheStreet downgraded shares of CoStar Group from a “b” rating to a “c+” rating in a report on Thursday, September 7th. Finally, Truist Financial lowered their target price on shares of CoStar Group from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, October 25th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.09.

CoStar Group Stock Up 0.6 %

CSGP stock opened at $82.73 on Monday. The company has a market cap of $33.78 billion, a P/E ratio of 83.57, a P/E/G ratio of 3.91 and a beta of 0.87. CoStar Group, Inc. has a 52 week low of $65.12 and a 52 week high of $92.36. The company’s 50-day moving average price is $77.88 and its 200 day moving average price is $80.92. The company has a current ratio of 13.31, a quick ratio of 13.31 and a debt-to-equity ratio of 0.14.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings data on Tuesday, October 24th. The technology company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The company had revenue of $624.67 million for the quarter, compared to analysts’ expectations of $625.65 million. CoStar Group had a return on equity of 6.49% and a net margin of 16.86%. On average, research analysts expect that CoStar Group, Inc. will post 1.05 earnings per share for the current fiscal year.

CoStar Group Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.